ACC 340 - Exam QUESTIONS AND
WELL DETAILLED ANSWERS
another name for an Income Statement is - ANSWER>>P&L -
accounting software for individual businesses is a good idea - ANSWER>>True
external financial statements include - ANSWER>>-BS
-IS
-Cash Flow Statement
-Statement of Changes in Owners Equity
relationships defined in written contracts, with customers and suppliers are
called - ANSWER>>trading partners
what is an EDI - ANSWER>>electronic data interchange
benefits of EDI - ANSWER>>-better track of inventory
-better track of suppliers
a framework that exists for the benefit of one or more defined objects -
ANSWER>>system
a system ordinarily uses _____ and is subject to _____ - ANSWER>>resources,
constraints
accounting information system - ANSWER>>a delivery system for accounting
information
what are the purposes of an accounting information system - ANSWER>>- to
meet an organizations statutory reporting requirements
, - to provide relevant and accurate accounting information to those who need it
when they need it
- to conduct or at least enable most business processes ranging from the
recording of sales orders to the reconciliation of bank accounts after liabilities
have been paid
- to protect the organization from possible risks stemming from abuse of
accounting data or of the system itself
quantitatively measures events that will likely mature into accounting
transactions and then qualify as accounting data - ANSWER>>events acocunting
attributes of accounting events are captured by events accounting systems -
ANSWER>>T
which are "gray areas" in which the responsibilities of accountants may overlap
those of other professionals - ANSWER>>-decision support
-operations research
-modeling
-information management
-planning/implementation of information systems
an accountant is only a part of the organizations formal information system and
is both a user of information and a part of the operating and design group
concerned with info as a whole - ANSWER>>T
what are the 3 players in computerized accounting systems - ANSWER>>-
computer hardware
-counting software
-people
around 68% of companies who lose their computer functions for more than 7
days never reopen - ANSWER>>T
WELL DETAILLED ANSWERS
another name for an Income Statement is - ANSWER>>P&L -
accounting software for individual businesses is a good idea - ANSWER>>True
external financial statements include - ANSWER>>-BS
-IS
-Cash Flow Statement
-Statement of Changes in Owners Equity
relationships defined in written contracts, with customers and suppliers are
called - ANSWER>>trading partners
what is an EDI - ANSWER>>electronic data interchange
benefits of EDI - ANSWER>>-better track of inventory
-better track of suppliers
a framework that exists for the benefit of one or more defined objects -
ANSWER>>system
a system ordinarily uses _____ and is subject to _____ - ANSWER>>resources,
constraints
accounting information system - ANSWER>>a delivery system for accounting
information
what are the purposes of an accounting information system - ANSWER>>- to
meet an organizations statutory reporting requirements
, - to provide relevant and accurate accounting information to those who need it
when they need it
- to conduct or at least enable most business processes ranging from the
recording of sales orders to the reconciliation of bank accounts after liabilities
have been paid
- to protect the organization from possible risks stemming from abuse of
accounting data or of the system itself
quantitatively measures events that will likely mature into accounting
transactions and then qualify as accounting data - ANSWER>>events acocunting
attributes of accounting events are captured by events accounting systems -
ANSWER>>T
which are "gray areas" in which the responsibilities of accountants may overlap
those of other professionals - ANSWER>>-decision support
-operations research
-modeling
-information management
-planning/implementation of information systems
an accountant is only a part of the organizations formal information system and
is both a user of information and a part of the operating and design group
concerned with info as a whole - ANSWER>>T
what are the 3 players in computerized accounting systems - ANSWER>>-
computer hardware
-counting software
-people
around 68% of companies who lose their computer functions for more than 7
days never reopen - ANSWER>>T
